India has immense potential to become a global manufacturing hub. But this is not enough as the reality is that the manufacturing sector contributes about 16 to 17% of India’s GDP which is similar to the contribution 30 years ago. Want to list of Manufacturing Companies in India? click on the text link.
There are some ways that can help India become the most attractive manufacturing hub:
India can learn from the success stories of countries like Bangladesh and Vietnam. For example, Vietnam started manufacturing in sectors like chemicals, assembly and apparel about a decade ago and has maintained an impressive growth rate of 12-14% for the last 10 years.
Focus on labor intensive sectors- Availability of cheap labor in adequate numbers is India’s biggest strength.
Therefore, there is an urgent need to capitalist on this strength by setting up mega industrial clusters near ports which will primarily leverage labor intensive sectors.
Boosting exports- To become a global manufacturing hub India has to boost its exports as without boosting exports the dream of India becoming a global manufacturing hub cannot be realized.
Increasing market access- To boost exports India will need liberal access to the global market and for this India needs to sign free trade agreements with countries like USA, UK and EU which will provide ample opportunities for the Indian manufacturing sector.
It should also be noted that in the present times bilateral trade blocks are more beneficial rather than multilateral forums like WTO.
Ease of doing business- Right policy interventions in labor laws and improving efficiency and functionality in areas like logistics cost, and ease of movement of stock by rail and road transport will help in improving the ease of doing business in India.
If you are looking for top manufacturing companies database, Here are some of the top manufacturing companies list cities and state wise are given below:
Commentaires